Circle Internet Financial submitted a formal response to Argentina's National Securities Commission regarding a regulatory proposal on tokenization, aiming to establish a framework for digital securities using distributed ledger technology. Circle commended Argentina's efforts to create a modern legal framework that supports blockchain innovation while ensuring legal and financial stability. The proposal's emphasis on tokenization as a representation of existing assets, rather than a new asset class, provides a legal foundation for the evolution of digital infrastructure within current market rules. Circle's recommendations included recognizing DLT for issuance and settlement, incorporating stablecoins like USDC as settlement assets, promoting interoperability for cross-border capital, and ensuring investor safeguards. Circle expressed interest in participating in Argentina's regulatory sandbox for a pilot tokenized debt issuance using USDC. This initiative positions Argentina as a potential leader in digital finance, fostering collaboration between regulators and industry to create an inclusive and globally connected tokenized capital market ecosystem.